A telecommunication giant MTN is the verge of recording a loss, after the company announced a 3% loss in johannesburg.
The network firm suffered a major setback last year, when it was heavily fined by the federal government of Nigeria where it has a very strong presence.
The company had agreed to pay a fine of 330 billion naira to the Nigerian government for flouting the (NCC) directives to disconnect more than five million unregistered SIM cards in that country.
The company’s woes is even more compounded by the economic decline as well as the depreciation of the naira against the dollar in that country.
The Network firm further reveals that losses from it’s investment in tower companies contributed R1.36 to it’s interim headline loss and e-commerce venture Rocket cost 27c per share. Forex losses contributed a 1.35 per share loss during the first half of it’s financial year.